US President Biden picks ex-Mastercard CEO Ajay Banga to lead World Bank

US President Biden picks ex-Mastercard CEO Ajay Banga to lead World Bank

The early exit of Malpass has come because of the World Bank allegedly becoming hostile towards poorer nations and also against climate action.

FPJ Web DeskUpdated: Thursday, February 23, 2023, 09:27 PM IST
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According to the World Bank, India has been able to reduce the number of very poor people by more than 12 per cent in the past decade. Now a former Indian-origin CEO of Mastercard, Ajay Banga has become the US nominee for the post of World Bank's President.

The announcement has been made by US President Joe Biden, ahead of Trump nominated David Malpass' planned exit from the post in June. The early exit of Malpass has come because of the World Bank allegedly becoming hostile towards poorer nations and also against climate action under him.

World Bank is tasked with reducing poverty globally, by facilitating economic cooperation between its 189 member countries. It makes investment and credit available for countries to strengthen underdeveloped economies, and also offers advisory services.

Malpass had been facing criticism since last September, when he refused to say whether he accepts what scientists have said about global warming on not. This has raised concerns about the World Bank's commitment towards promoting climate action under the President appointed by Donald Trump. Following the controversy and increasing pressure, Malpass has resigned a year before his term was supposed to end.

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